daveweb
Oct 29, 2013, 06:51 PM
Nancy Tomason owns a small specialty store, named Tomason's Treasures, year-end is June 30. A physical inventory taken June 30 reveals the following.
Cost of merchandise on the showroom floor and in the warehouse, 36,900.
Goods held on consignment (consignor is National Manufacturer), 6,400.
Goods that Tomason's Treasures, as the consignor, has for sale at the location of the Grand avenue Vista, 4,600.
Sales invoices indicate that merchandise was shipped on June 29, terms FOB shipping point, delivered at buyer's receiving dock on July 3, 3,800.
Sales invoices indicate that merchandise was shipped on June 25, terms FOB destination, delivered at buyer's receiving dock on July 5, 3,100.
Determine the total amount that should be included in Tomason's Treasure's year-end inventory.
Cost of merchandise on the showroom floor and in the warehouse, 36,900.
Goods held on consignment (consignor is National Manufacturer), 6,400.
Goods that Tomason's Treasures, as the consignor, has for sale at the location of the Grand avenue Vista, 4,600.
Sales invoices indicate that merchandise was shipped on June 29, terms FOB shipping point, delivered at buyer's receiving dock on July 3, 3,800.
Sales invoices indicate that merchandise was shipped on June 25, terms FOB destination, delivered at buyer's receiving dock on July 5, 3,100.
Determine the total amount that should be included in Tomason's Treasure's year-end inventory.